[Volume XXVII
THE CHICAGO BANKER
26
sas, appealed the case. The deceased owned stock in a savings bank at Council Bluffs. The appellants maintained that the state being foreign to Iowa was not bound for the tax. The supreme court, however, says, “While negotiable instruments, certificates of deposit, and other evidences of debt held by a nonresident of the state are not subject to the collateral inheritance tax, we think that the non-resident owner of shares of stock in a domestic corporation has an interest in the property of said corporation which is subject to the tax.”
Iowa Grange for Postal Savings
The Iowa Grange in state convention in Des Moines let it be known that the members of that body of farmers are for a postal savings bank system. A resolution to that end was passed unanimously. The delegates insisted that the platform upon which Taft was elected calls for postal savings banks and that Taft’s election is proof that the majority of the people want them.
Will Have Modern Bank Home
The New Sharon State has purchased the building formerly occupied by the Rogers hardware store and will early next spring commence a complete remodeling of the structure with a view to making it into a modern bank home. The rooms now held by the bank will be used for a retail bakery.
Bank Clearings
Des Moines bank clearings for the week ending December 18th show a gain of $268,-932.66 over the clearings for the corresponding week last year. The clearings for the week totaled $3,408,051.92, as against $3,139,119.27. Well Known Newspaper Man Dead
Park Chamberlain, cashier of the Anamosa National, is mourning the death of his father, W. I. Chamberlain, editor of the Wyoming (Iowa) Journal. Deceased was one of the best known newspaper men in Iowa and was vice-president of the Capital Insurance Company of Des Moines.
Ware Wants Liberty
The supreme court has deferred action on the case of Cashier Leroy Ware until January. He is seeking his liberty from a term of imprisonment for making false entries in the defunct Farmers and Drovers Savings at Seymour, by habeas corpus.
A Third Bank at Ogden
A third bank is soon to be opened at Ogden. It has secured the brick hotel building which will be remodeled. Officers have been elected as follows: President, Hanley Jenkins; vice-presidents, William Bakely and Charles Reim-ers; cashier, Dr. O. W. Clark; vice-president, W. D. Miller.
Banking Notes
Arthur G. Miller, teller of the Lyon County National at Rock Rapids, was married last week to Miss Florence Horton, of the same city.
TO IOWA BANKERS
Please forward marked copies of your home paper to the Chicago Banker when it contains anything about Iowa Banks or Bank• ers. The favor will be appreciated.
Des Moines, Iowa, December 22.—After two terms as president of the Des Moines Clearing House Association, J. G. Rounds has stepped out and C. H. Martin, president of the People’s Savings, has been elected his successor. The annual election of officers was held at an important business meeting last week.
George Pearsall, of the Citizens National, who has been secretary and manager for years was re-elected to the position once again. The executive committee will consist next year of J. G. Rounds, Simon Casaday, Arthur Reynolds, A1 C. Miller, and Homer A. Miller. R. A. Crawford and Gilger E. MacKinnon were elected vice-presidents. The rules were changed so that the executive committee will hereafter serve for five years instead of one year. Prior to this last meeting the executive committee consisted of three members, but the banks are growing so rapidly that the increase in labor resulted in the increase.
File Complaint against Express Company
Bankers of Des Moines are aroused over what they term discrimination against them by the United States Express Company in the matter of receiving shipments of currency over some of the branch roads of the Rock Island Railroad. This feeling has been voiced in a formal complaint filed by Cashier Harry Blackburn, of the Iowa National, with the railroad commissioners. In the complaint, the bankers allege that the United States Express Company has an order that all currency shipped from Des Moines to other Iowa towns must go to its destination via Chicago. This, the bankers point out, is the cause of a delay of many hours. The Des Moines bankers assert that Davenport bankers as well as others along the Rock Island Railroad are not tied down by this rule, and that the city is therefore discriminated against in favor of other competing points. The commissioners will doubtless order a hearing soon in case the express company does not voluntarily rectify the situation.
Case Not Settled Yet
Judge C. B. Bradshaw in the district courts at Marshalltown has rendered an opinion in the famous Frank Woodbury case, an outgrowth of the failure of the First National of Marshalltown. The opinion does not settle the case, for Judge Bradshaw simply rules on a few of the points at issue and suggests that the case is too badly tangled for him to straighten out. He recommends that another trial be held or that one of the parties appeal to the supreme court. Woodbury is trustee of the estate of his father, the late Fred Woodbury. He came into possession of papers negotiated when Dr. George Click was president of the bank many years ago. The court holds that this paper is valid, but does not fix the amounts due on them because the plaintiff has failed to fix the amount credited on the notes. Neither side can consider the decision a victory. But it gives them a foundation for an appeal.
Decision on Inheritance Tax
The Iowa supreme court has handed down an important decision in which it holds that the estate of a non-resident owner of stock in an Iowa corporation is liable for the collateral inheritance tax in this state. Administrators of the estate of Abniron Culver, living in Kan-